An Appraisal of the Extent of Market Maturity in Nigeria Property Market

Abstract

With increasing globalization of investments in recent years, it is becoming more important for investors to have better understanding of the Nigerian Property Markets. This paper aims to explore perceptions of market maturity and issues of importance for investment in the property markets. Maturity is a key concept in investors’ decision making as it takes into account the nature and evolution of the markets as well as their economic, social and institutional condition. Interview guide and questionnaire was used to elicit information from Estate Surveyors and Valuers, real estate financiers and real estate investors. The information collated shows that Nigeria Property Market is highly immature due to unsound financial and economic structure, strength and stability of the economy, market openness, low level of professionalism, lack of information availability and standardization and culture. The paper therefore recommends that government should develop a workable framework and environment to improve on existing data.